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Consolidated Statements of Operations <strong>Corning</strong> Incorporated and Subsidiary Companies<br />
For the years ended December 31,<br />
(In millions, except per share amounts) <strong>2007</strong> 2006 2005<br />
Net sales $ 5,860 $ 5,174 $ 4,579<br />
Cost of sales 3,111 2,891 2,595<br />
Gross margin 2,749 2,283 1,984<br />
Operating expenses:<br />
Selling, general and administrative expenses 912 857 756<br />
Research, development and engineering expenses 565 517 443<br />
Amortization of purchased intangibles 10 11 13<br />
Restructuring, impairment and other charges and (credits) (Note 2) (4) 54 (38)<br />
Asbestos settlement (Note 7) 185 (2) 218<br />
Operating income 1,081 846 592<br />
Interest income 145 118 61<br />
Interest expense (82) (76) (108)<br />
Loss on repurchases and retirement of debt, net (Note 11) (15) (11) (16)<br />
Other income, net (Note 1) 162 84 30<br />
Income from continuing operations before income taxes 1,291 961 559<br />
Provision for income taxes (Note 6) (80) (55) (578)<br />
Income (loss) before minority interests and equity earnings 1,211 906 (19)<br />
Minority interests (3) (11) (7)<br />
Equity in earnings of affiliated companies, net of impairments (Note 7) 942 960 611<br />
Net income $ 2,150 $ 1,855 $ 585<br />
Basic earnings per common share (Note 16) $ 1.37 $ 1.20 $ 0.40<br />
Diluted earnings per common share (Note 16) $ 1.34 $ 1.16 $ 0.38<br />
Dividends declared per common share $ 0.10<br />
The accompanying notes are an integral part of these consolidated financial statements.<br />
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